MIRA INFORM REPORT

Report Date :

18.10.2013

IDENTIFICATION DETAILS

Name :	SANMARG PRIVATE LIMITED
Formerly Known As :	SHREE KRISHNA SANDESH LIMITED
Registered Office :	Sanmarg Bhavan, 160B, Chittaranjan Avenue, Kolkata – 700 007, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	13.11.1945
Com. Reg. No.:	21-012848
Capital Investment / Paid-up Capital :	Rs.18.908 millions
CIN No.: [Company Identification No.]	u22121WB1945PTC012848
TAN No.: [Tax Deduction & Collection Account No.]	CAls11708E
Legal Form :	Private Limited Liability Company
Line of Business :	Publication of Newspaper and magazines.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 359000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an old and well-established company having a satisfactory track record. Sales turnover and profit of the company appears to be decent. Overall fundamentals of the company appear to be sound and healthy. Trade relations are fair. Business is active. Payment terms are regular. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DECLINED

Management non-cooperative

(Tel. No.: 91-33-22414800)

LOCATIONS

Registered Office/ Head Office :	Sanmarg Bhavan, 160B, Chittaranjan Avenue, Kolkata – 700 007, West Bengal, India
Tel. No.:	91-33-71015021/ 71015000/ 22414800/ 30615028
Fax No.:	91-33-22415087
E-Mail :	sanmargacc@gmail.com
Branch Office :	Located at: · New Delhi · Bhubaneswar · Patna · Ranchi

DIRECTORS

AS ON 31.08.2013

Name :

Mr. Vivek Gupta

Designation :

Managing Director

Address :

4B/4, Satyam Towers, 3, Alipore Road, Kolkata – 700 027, West Bengal, India

Date of Birth/Age :

27.12.1975

Qualification :

B.Com (Hons.)

Date of Appointment :

31.10.1995

DIN No.:

00548992

Election Commission Identity Card No.:

WB/23/148/303400

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U22121WB1945PTC012848	SANMARG PRIVATE LIMITED	Managing director	31/10/1995	31/10/1995	-	Active	NO
2	U45202WB2000PTC091636	RVG ENTERPRISES PRIVATE LIMITED	Director	29/09/2008	11/09/2001	-	Active	NO
3	U55101WB2007FTC114214	WELLSIDE HOTELS AND RESORTS PRIVATE LIMITED	Director	16/07/2007	16/07/2007	-	Active	NO
4	U99999DL1951PLC002023	THE INDIAN NEWSPAPER SOCIETY.	Director	19/09/2008	19/09/2008	24/09/2009	Active	NO
5	U22100WB2009PTC132953	SANMARG NEWS AGENCIES PRIVATE LIMITED	Director	20/02/2009	20/02/2009	30/10/2009	Active	NO
6	U22100WB2009PTC132950	SARASWATI PRINT FACTORY PRIVATE LIMITED	Director	20/02/2009	20/02/2009	22/03/2012	Active	NO
7	U45400WB2008PTC128178	BALAJI HEIGHTS PRIVATE LIMITED	Director	08/03/2010	08/03/2010	15/06/2010	Active	NO

Name :

Mrs. Ruchika Gupta

Designation :

Whole-Time Director

Address :

4B/4, Satyam Towers, 3, Alipore Road, Kolkata – 700 027, West Bengal, India

Date of Birth/Age :

14.12.1975

Date of Appointment :

23.08.2000

DIN No.:

00549024

Election Commission Identity Card No.:

HZG3441441

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U45202WB2000PTC091636	RVG ENTERPRISES PRIVATE LIMITED	Director	29/09/2008	07/04/2000	-	Active	NO
2	U22121WB1945PTC012848	SANMARG PRIVATE LIMITED	Whole-time director	23/08/2000	23/08/2000	-	Active	NO
3	U70109WB2008PTC124176	SANMARG PROPERTIES PRIVATE LIMITED	Director	27/08/2009	01/04/2008	29/06/2010	Active	NO
4	U70101WB2004PTC100673	RVG AWAAS PRIVATE LIMITED	Director	17/08/2009	05/03/2009	-	Active	NO
5	U70101WB2004PTC100674	RVG NIRMAAN PRIVATE LIMITED	Director	17/08/2009	05/03/2009	-	Active	NO

Name :

Mr. Atamaram Sonthalia

Designation :

Director

Address :

DA-73, Salt Lake, Bidhannagar, Kolkata – 700 064, West Bengal, India

Date of Birth/Age :

23.09.1934

Date of Appointment :

22.09.2007

DIN No.:

00004611

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U26953WB1995PTC073574	JAL PRAVAHIKA PRIVATE LIMITED	Director	22/08/1995	22/08/1995	-	Active	NO
2	U24219WB1995PTC074696	KRISHI RASAYAN EXPORTS PRIVATE LIMITED	Director	06/09/2002	06/09/2002	-	Active	NO
3	U85110WB2005NPL104948	INSTITUTE OF NEUROSCIENCES KOLKATA	Director	26/08/2005	26/08/2005	-	Active	NO
4	U22121WB1945PTC012848	SANMARG PRIVATE LIMITED	Director	22/09/2007	15/12/2006	-	Active	NO

Name :

Mr. Gopal Prasad Choudhary

Designation :

Director

Address :

E-18/2, Karunamoyee Housing Estate, Bidhannagar, Kolkata – 700 091, West Bengal, India

Date of Birth/Age :

01.10.1954

Date of Appointment :

22.09.2007

DIN No.:

00074519

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L67120WB1981PLC033505	JUDICIOUS INVESTMENTS LIMITED	Director	25/08/2007	12/08/2004	-	Active	NO
2	U15311WB1974PLC029690	CFM DEVELOPERS LIMITED	Director	13/08/2004	13/08/2004	-	Active	NO
3	U51109WB1982PTC107328	SHIVA MERCHANTILE AND TRADING COMPANY PRIVATE LIMITED	Director	29/04/2006	29/04/2006	-	Active	NO
4	U24231WB1946PLC195907	C.P.PROPERTIES LIMITED	Director	29/09/2007	03/10/2006	-	Active	NO
5	U22121WB1945PTC012848	SANMARG PRIVATE LIMITED	Director	22/09/2007	23/06/2007	-	Active	NO

Name :

Deokinandan Gupta

Designation :

Director

Address :

114, Akhil Mistri Lane, Kolkata – 700 009, West Bengal, India

Date of Birth/Age :

01.12.1951

Date of Appointment :

25.08.2012

DIN No.:

00549064

Election Commission Identity Card No.:

KYZ0086520

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51109WB1995PTC071036	SHAILESH MERCHANTS PRIVATE LIMITED	Director	30/10/1995	30/10/1995	-	Under Process of Striking off	NO
2	U45202WB2000PTC091636	RVG ENTERPRISES PRIVATE LIMITED	Director	02/04/2004	02/04/2004	-	Active	NO
3	U92199WB2007PTC114016	SAN ENTERTAINMENT PRIVATE LIMITED	Director	10/04/2007	10/04/2007	-	Active	NO
4	U51909WB2007PTC117639	VIJAYPATH VANIJYA PRIVATE LIMITED	Director	24/10/2007	24/10/2007	02/07/2010	Active	NO
5	U22100WB2009PTC132953	SANMARG NEWS AGENCIES PRIVATE LIMITED	Director	15/09/2010	30/10/2009	25/07/2013	Active	NO
6	U45400WB2008PTC128178	BALAJI HEIGHTS PRIVATE LIMITED	Director	15/09/2010	15/06/2010	-	Active	NO
7	U70109WB2008PTC124176	SANMARG PROPERTIES PRIVATE LIMITED	Director	06/07/2010	29/06/2010	19/08/2013	Active	NO
8	U22121WB1945PTC012848	SANMARG PRIVATE LIMITED	Director	25/08/2012	24/03/2012	-	Active	NO
9	U93000WB2013PTC196816	SAN PRAKASHAK PRIVATE LIMITED	Director	29/08/2013	29/08/2013	-	Active	NO
10	U93000WB2013PTC196815	SAN PUBLICATIONS PRIVATE LIMITED	Director	29/08/2013	29/08/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Mahesh Kumar Agarwal
Designation :	Secretary
Address :	4A, Vishnu Enclave, 229, NSC Bose Road, Kolkata – 700 047, West Bengal, India
Date of Birth/Age :	29.09.1971
Date of Appointment :	01.05.2004
Election Commission Identity Card No.:	WB21142276016
PAN No.:	ACQPA7760F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.08.2013

Names of Shareholders	No. of Shares
Kashiram Gupta	60
Matadin Shaw	12
Chandrabhan Jhawarilal	12
Charanchaitanya Pyne	60
Baldeodardas Rameshwardas	480
Sitaram Kayan	120
Janardanas Bangur	60
Sampat Kumar Mejiji	60
Ratan Chand Mohta	60
Murarilal Patodia	120
Muralilal Kedia	60
Nirmala Devi Gupta	72
Laddugopal Bajoria	270
Savitri Devi Gupta	74315
Sushil Kumar Khaitan	75
Prakassuryah Nathany	459
Vivek Gupta	112378
Shankar Lal Dhanuka as administrator to the Estate of Ramkrishna Dhanuka	60
Mrigank Dhanuka	72
Vidur Kanoria	120
Ruchika Gupta	150
Total	189075

AS ON 31.08.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	98.82
Other top fifty shareholders	1.18
Total	100.00

BUSINESS DETAILS

Line of Business :

Publication of Newspaper and magazines.

Products/ Services :

Item Code No. (ITC Code)	490210.01
Product/ Service Description	Publication of Newspaper and magazines

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Bank of India, Kolkata Main Branch, 23A, Netaji Subhas Road, Kolkata – 700 001, West Bengal, India

· Kotak Mahindra Bank Limited

· Axis Bank Limited

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loan From Bank of India Secured by primary charge by way of hypothecation of Cityline Printing Machine and stock and book debts, collateral security by way of hypothecation of entire fixed assets, present and future, pledge of certain Fixed Deposit Receipts and personal guarantee of the Managing Director of the Company. Terms of Repayment: 84 monthly installments of Rs.0.774 million each	55.714	65.000
Vehicle Loan
From Axis Bank	2.900	0.000
From Kotak Mahindra Bank Limited Secured by Hypothecation of Vehicles financed by them Terms al Repayment: Under 36 EMI Scheme	0.000	0.259
Less: Current Maturities	(10.485)	(9.545)
SHORT TERM BORROWINGS
From Bank of India
Loan Repayable on demand
Cash Credit	37.301	22.703
Buyers' Credit Secured by primary charge by way of hypothecation a stack and book debt, collateral security by way of hypothecation of entire fixed assets, present and future, pledge of certain Fixed Deposit Receipts and personal guarantee of the Managing Director of the Company.	15.831	8.692
Total	101.261	87.109

Banking Relations :	--
Auditors :
Name :	B. Chhawchharia and Company Chartered Accountants
Address :	5G/1, Everest, 46/C, Chowringhee Road, Kolkata – 700 071, West Bengal, India
Tel. No.:	91-33-22883786
Fax No.:	91-33-22883786
E-Mail :	accounts@bcco.co.in
PAN No.:	AADFB3210F
Wholly Owned Subsidiary :	Sanmarg Properties Private Limited (CIN No.: U70109WB2008PTC124176)
Other Related Parties :	· RVG Enterprises Private Limited · San Entertainment Private Limited · Sanmarg News Agencies Private Limited · Saraswati Print Factory Private Limited · Sanmarg Foundation · Balaji Heights Private Limited

CAPITAL STRUCTURE

AS ON 31.08.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
189075	Equity Shares	Rs.100/- each	Rs.18.908 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	18.908	18.908	18.908
(b) Reserves & Surplus	70.896	52.557	49.399
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	89.804	71.465	68.307
(3) Non-Current Liabilities
(a) Long-term borrowings	48.129	55.714	0.259
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	14.710	48.242	44.174
(d) Long-term provisions	2.649	2.361	1.731
Total Non-current Liabilities (3)	65.488	106.317	46.164
(4) Current Liabilities
(a) Short term borrowings	53.132	31.395	49.678
(b) Trade payables	29.514	40.943	51.567
(c) Other current liabilities	54.531	14.079	23.558
(d) Short-term provisions	7.624	5.529	1.346
Total Current Liabilities (4)	144.801	91.946	126.149
TOTAL	300.093	269.728	240.620
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	99.499	19.282	23.548
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	95.064	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	5.853	53.716	5.660
(c) Deferred tax assets (net)	0.287	6.333	5.446
(d) Long-term Loan and Advances	0.773	0.497	54.250
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	106.412	174.892	88.904
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	101.490	49.354	80.355
(c) Trade receivables	63.717	47.236	47.277
(d) Cash and cash equivalents	16.853	(3.102)	10.934
(e) Short-term loans and advances	11.563	1.232	12.976
(f) Other current assets	0.058	0.116	0.174
Total Current Assets	193.681	94.836	151.716
TOTAL	300.093	269.728	240.620

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations	317.417	268.253	272.885
		Other Income	4.049	5.971	4.532
		TOTAL (A)	321.466	274.224	277.417
Less	EXPENSES
		Cost of Materials Consumed	113.989	110.402	246.919
		Printing & Other Expenses	54.427	51.057
		Purchases	5.000	0.000
		Project Expenses	0.051	0.000
		Changes in Inventory	(5.051)	0.000
		Power (Including Lighting)	1.399	1.539
		Employee Benefit Expenses	35.422	39.135
		Other Expenses	48.337	53.762
		TOTAL (B)	253.574	255.895	246.919
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		67.892	18.329	30.498
Less	FINANCIAL EXPENSES (D)		9.078	5.488	5.787
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		58.814	12.841	24.711
Less/ Add	DEPRECIATION/ AMORTISATION (F)		25.105	4.584	5.136
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		33.709	8.257	19.575
Less	TAX (H)		13.172	1.855	7.011
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		20.537	6.402	12.564
	IMPORTS
		Raw Materials	68.744	57.759	112.573
	TOTAL IMPORTS		68.744	57.759	112.573
	Earnings / (Loss) Per Share (Rs.)		108.62	33.86	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	6.39	2.33	4.53
Net Profit Margin (PBT/Sales)	(%)	10.62	3.08	7.17
Return on Total Assets (PBT/Total Assets}	(%)	11.47	7.20	8.53
Return on Investment (ROI) (PBT/Networth)		0.38	0.12	0.29
Debt Equity Ratio (Total Debt/Networth)		1.13	1.22	0.73
Current Ratio (Current Asset/Current Liability)		1.34	1.03	1.20

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes
31) Date of Birth of Proprietor/Partner/Director, if available	Yes
32) PAN of Proprietor/Partner/Director, if available	No
33) Voter ID No of Proprietor/Partner/Director, if available	Yes
34) External Agency Rating, if available	No

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90250754	09/08/2004	16,000,000.00	BANK OF INDIA	KOLKATRA MAIN BRANCH, 23 A; N.S. ROAD, KOLKATA, WEST BENGAL - 700001, INDIA	-
2	90250395	04/07/2003 *	18,225,000.00	BANK OF INDIA	KOLKATRA MAIN BRANCH, 23-A/B; NETAJI SUBHAS ROAD, KOLKATA, WEST BENGAL - 700001, INDIA	-
3	90250042	28/06/2011 *	120,251,000.00	BANK OF INDIA	KOLKATA MAIN BRANCH, 23A, NETAJI SUBHAS ROAD, KOLKATA, WEST BENGAL - 700001, INDIA	B16529497

* Date of charge modification

OPERATIONS

The Company has achieved a significant growth during the year. The Company's turnover has reached to Rs.317.417 millions and Profit before Tax to Rs.33.709 millions registering a growth of over 18% and 300% respectively. lnspite of continuous diminishing in the value of Indian Rupee as compared to other foreign currencies and thereby affecting the Company's import expenditure, the Company has been able to achieve these results by optimum utilization of the resources available at its disposal. The Company has incurred a capital expenditure of Rs.113.271 millions during the year and a portion of the same has been used in buying a new City line machine which is expected to yield further additional revenue for the Company.

The Company has decided to start printing of its Hindi Daily 'SANMARG' from the District Burdwan, West Bengal which will further strengthen the Company's printing base and also provide further support to keep its numero uno position amongst all the Hindi Dailies printed I published from the State of West Bengal.

The Company is exploring the possibilities of developing the land allotted to it by WBHIDCO in Rajarhat, Kolkata for construction of Office cum Press premises theat.

CONTINGENT LIABILITY (NOT PROVIDED FOR) – AS ON 31.03.2013:

· In respect of Contested demand of Employee Stale Insurance Corporation for the Financial Yeas 1997-98, 1998-99 and 2000-01 amounts to Rs.0.022 million.

fixed assets:

Tangible Assets

· building

· Plant and Machinery

· Electrical Equipments and Fittings

· Furniture and Fittings

· Vehicles

· Office Equipments

· Generator

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.58
UK Pound	1	Rs.98.51
Euro	1	Rs.83.49

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.